Veroli-REC: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
Veroli-REC
Largest movements
- Receivables after one year +€61,369
up €61,369 (+263%), from €23,375 to €84,744
- Receivables within one year +€30,257
up €30,257 (+250%), from €12,100 to €42,357
of which Trade receivables: +€30,250
- Cash -€3,795
down €3,795 (-34.7%), from €10,933 to €7,138
mainly Receivables after one year (-€61,369) and Receivables within one year (-€30,257)
- Deferred charges and accrued income -€3,121
down €3,121 (-17.4%), from €17,973 to €14,852
- Reserves +€84,057
up €84,057 (+161%), from €52,167 to €136,224
- Debts after one year +€3,210
up €3,210 (+24.5%), from €13,118 to €16,328
- Financial income +€49,296
up €49,296 (+7,005%), from €704 to €50,000
- Gross operating margin -€22,572
down €22,572 (-29.2%), from €77,308 to €54,735
- Taxes -€3,306
down €3,306 (-18.1%), from €18,299 to €14,993
- Depreciation -€1,492
no longer reported in 2025 (was €1,492)
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €83,981 | €168,691 | +€84,710 | +101% |
| Fixed assets | 21/28 | €19,600 | €19,600 | = | 0.0% |
| Financial fixed assets | 28 | €19,600 | €19,600 | = | 0.0% |
| Current assets | 29/58 | €64,381 | €149,091 | +€84,710 | +132% |
| Amounts receivable after more than one year | 29 | €23,375 | €84,744 | +€61,369 | +263% |
| Other amounts receivable | 291 | €23,375 | €84,744 | +€61,369 | +263% |
| Amounts receivable within one year | 40/41 | €12,100 | €42,357 | +€30,257 | +250% |
| Trade receivables | 40 | €12,100 | €42,350 | +€30,250 | +250% |
| Other amounts receivable | 41 | - | €7 | +€7 | |
| Cash at bank and in hand | 54/58 | €10,933 | €7,138 | -€3,795 | -34.7% |
| Deferred charges and accrued income | 490/1 | €17,973 | €14,852 | -€3,121 | -17.4% |
| Total equity and liabilities | 10/49 | €83,981 | €168,691 | +€84,710 | +101% |
| Equity | 10/15 | €53,667 | €137,724 | +€84,057 | +157% |
| Contributions | 10/11 | €1,500 | €1,500 | = | 0.0% |
| Reserves | 13 | €52,167 | €136,224 | +€84,057 | +161% |
| Distributable reserves | 133 | €52,167 | €136,224 | +€84,057 | +161% |
| Amounts payable | 17/49 | €30,314 | €30,967 | +€653 | +2.2% |
| Amounts payable after more than one year | 17 | €13,118 | €16,328 | +€3,210 | +24.5% |
| Other amounts payable | 178/9 | €13,118 | €16,328 | +€3,210 | +24.5% |
| Amounts payable within one year | 42/48 | €16,885 | €14,358 | -€2,527 | -15.0% |
| Financial debts | 43 | €13,553 | €12,527 | -€1,026 | -7.6% |
| Credit institutions | 430/8 | €13,553 | €12,527 | -€1,026 | -7.6% |
| Trade debts | 44 | €472 | €475 | +€3 | +0.7% |
| Suppliers | 440/4 | €472 | €475 | +€3 | +0.7% |
| Taxes, remuneration and social security | 45 | €2,860 | €1,356 | -€1,504 | -52.6% |
| Taxes | 450/3 | €2,860 | €1,356 | -€1,504 | -52.6% |
| Accrued charges and deferred income | 492/3 | €311 | €281 | -€30 | -9.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,492 | - | -€1,492 | |
| Other operating charges | 640/8 | €1,159 | €1,115 | -€44 | -3.8% |
| Gross operating margin | 9900 | €77,308 | €54,735 | -€22,572 | -29.2% |
| Operating profit (loss) | 9901 | €74,657 | €53,620 | -€21,037 | -28.2% |
| Financial income | 75/76B | €704 | €50,000 | +€49,296 | +7,005% |
| Recurring financial income | 75 | €704 | €50,000 | +€49,296 | +7,005% |
| Financial charges | 65/66B | €3,954 | €4,570 | +€616 | +15.6% |
| Recurring financial charges | 65 | €3,954 | €4,570 | +€616 | +15.6% |
| Profit (loss) for the period before taxes | 9903 | €71,407 | €99,050 | +€27,643 | +38.7% |
| Income taxes | 67/77 | €18,299 | €14,993 | -€3,306 | -18.1% |
| Profit (loss) for the period | 9904 | €53,108 | €84,057 | +€30,949 | +58.3% |
| Profit (loss) for the period to be appropriated | 9905 | €53,108 | €84,057 | +€30,949 | +58.3% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 22 October 2026 via checked.be.